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IRC section 501(c)(15) provides exemption from Federal income tax for insurance companies or associations other than life if the net written premiums, or if greater direct written premiums, for the taxable year do not exceed $350,000. This exemption also includes interinsurers and reciprocal underwriters.

Now if I just had a few $Million to protect from taxes... at least I know how!

Are we missing the bolded part of the code? If you are running an insurance company, and your premiums are under $350k, you're in deep do-do. And you probably aren't making any money anyway. Not exactly my kind of tax shelter.

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